System1, Inc.
SST NYSE· Services-Computer Programming, Data Processing, Etc.
Last close · Oct 23, 2026
$2.09
KIRA · Stoqly’s AI analyst, in plain words
- System1, Inc. had $266M of revenue in fiscal 2025, down 22.6% on the year before.
- Its operating margin was −23.3%, up 2.4 pts: of every 100 in sales, about −23 is left after running the business.
- System1, Inc. lost $65.3M in fiscal 2025.
- Free cash flow was −$4.2M in fiscal 2025, −1.6% of revenue.
- System1, Inc. returned $0.6M to shareholders in fiscal 2025. The diluted share count rose 12.9%.
- System1, Inc. owes $295M more than it holds in cash.
Market cap
$17.1M
P/E
—
Revenue
$266M
Net income
−$65.3M
Free cash flow
−$4.2M
Operating margin
−23.3%
System1, Inc. in 30 seconds · fiscal 2025
Are sales growing?
−22.6%
No. Sales fell 22.6% last year.
Does it make a profit?
−24.6%
No. It lost money last year.
Does profit turn into cash?
−1.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What System1, Inc. does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 11, 2026
- Legal name
- System1, Inc.
- CIK
- 0001805833
System1, Inc. · SST
Results and finances
The last 4 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Sales and profit | ||||
| Revenue | $688M | — | $344M | $266M |
| Revenue growth | — | — | — | −22.6% |
| Gross margin | — | — | 29.5% | 37.7% |
| Operating margin | 7.4% | — | −25.8% | −23.3% |
| Net income | $33.0M | — | −$74.7M | −$65.3M |
| Net margin | 4.8% | — | −21.7% | −24.6% |
| Diluted EPS | $1.61 | — | −$10.74 | −$8.32 |
| Cash | ||||
| Cash from operations | $60.7M | — | −$5.3M | −$4.1M |
| Capital expenditure | $0.0M | — | $0.0M | $0.0M |
| Free cash flow | $60.7M | — | −$5.3M | −$4.2M |
| FCF margin | 8.8% | — | −1.5% | −1.6% |
| Share buybacks | $0.0M | — | $0.0M | $0.6M |
| Share count change | — | — | — | 12.9% |
| Debt and strength | ||||
| Cash and short-term investments | $47.9M | $135M | $63.6M | $86.9M |
| Debt incl. finance leases | $170M | $365M | $288M | $382M |
| Shareholders' equity | −$28.4M | $135M | $80.3M | $30.5M |
| Net debt / EBITDA | 1.9x | — | — | — |
| Current ratio | 0.5x | 2.3x | 1.3x | 1.0x |
| Interest coverage | 3.0x | — | −2.8x | −2.3x |
| Returns and quality | ||||
| Return on capital | 52.5% | — | −23.0% | −15.1% |
| Return on equity | — | — | −69.3% | −118.0% |
| Piotroski F-score | — | — | — | 3 |
| Altman Z'' | −2.1 | — | −6.2 | −7.7 |
Insiders bought, 12 months
$0.1M
1 insider
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
System1, Inc. · SST
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $2.09 a share, the company is worth $17.1M.
Source: SEC EDGAR XBRL filings (CIK 0001805833). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.